Today is a new start for online poker, betting and bingo operators. From today the 1st December, 2014 the online operators will have to pay 15% tax on income generated from UK players and not just the tax rate they pay in offshore territories in which they exist.
This is the most sensible policy that the coalition government have come up with as it is clear that companies such as Ladbrokes, William Hill, Corals etc were taking liberties with their taxation avoidance methods while raping their customers in the High Streets with those awful fixed odds betting terminals.
Some libertarians will argue that this is wrong and these companies should be allowed to keep their profits in off shore banks. Well since I agree in a cohesive society that needs security and a national health scheme I can quite heartily state that these right wing libertarians need to get their head out of corporate businesses backside.
I too am a libertarian but I am a social libertarian as opposed to a economic libertarian because one way or another someone will tax you. Since all property is theft, you are effectively taxed by paying rent to whoever stole the property in the first place. A mortgage quite literally means death taxes, you are effectively being taxed to death. Hence, if bookmakers, online poker operators and bingo halls want to earn money from the stupid, gullible, inspired, crooked and wily they must pay for it.
OK competition will be tougher as 15% added cost will have to found from somewhere. It may mean cuts to operating cost or it will mean worst odds added to the gambler. Well that is the price that will have to be paid. There are too many betting shops which are only there to rape customers with fixed odds betting terminals. Those offshore businesses can be based in the UK for a change and therefore cut the cost of being based offshore. In the end it makes sense that companies should not be rewarded for raping the bad gamblers who use fixed odds betting terminals.
Now the government can now go after Google, Facebook, Amazon, Starbucks and other firms who take the proverbial urine by earning in the UK but squirrel their profits to offshore countries and pay no tax here. Enough, go get the George Osborne!